MANILA - The Philippine economy could see a "deeper decline" this year due to the COVID-19 pandemic before recovering in 2021, according to a new study by the Asian Development Bank.
The revision was mainly due to subdued private consumption and investment for the rest of the year on "uncertainties about the global economic recovery," the ADB said. Growth could return to 6.5 percent in 2021 once the outbreak is contained and the economy further reopens, the study released Tuesday showed.
“We expect the recovery to be slow and fragile for the rest of this year, and growth to accelerate in 2021 on the back of additional fiscal support and an accommodative monetary policy stance,” Bird added.
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